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Report No. : |
342290 |
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Report Date : |
25.09.2015 |
IDENTIFICATION DETAILS
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Name : |
BAOSTEEL SPECIAL
STEEL MATERIAL CO., LTD. |
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Registered Office : |
7/F, Building 3
Of Shucheng Business Center, No. 1850 Baoyang Road Baoshan District, Shanghai 201900 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
19.10.2006 |
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Com. Reg. No.: |
310115000976063 |
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Legal Form : |
One-Person Limited Liability Company |
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Line of Business : |
Subject is engaged in
selling special steel. |
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No. of Employee : |
28 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
No complaints |
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Litigation : |
Clear |
NOTES :
Any query related to this report can be made on
e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
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China |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
CHINA ECONOMIC OVERVIEW
Since the late 1970s China has moved from a closed, centrally planned system to a more market-oriented one that plays a major global role - in 2010 China became the world's largest exporter. Reforms began with the phasing out of collectivized agriculture, and expanded to include the gradual liberalization of prices, fiscal decentralization, increased autonomy for state enterprises, growth of the private sector, development of stock markets and a modern banking system, and opening to foreignTRADE and investment. China has implemented reforms in a gradualist fashion. In recent years, China has renewed its support for state-owned enterprises in sectors considered important to "economic security," explicitly looking to foster globally competitive industries. The restructuring of the economy and resulting efficiency gains have contributed to a more than tenfold increase in GDP since 1978. Measured on a purchasing power parity (PPP) basis that adjusts for price differences, China in 2014 stood as the largest economy in the world, surpassing the US for the first time in modern history. Still, China's per capita income is below the world average.
After keeping its currency tightly linked to the US dollar for years, in July 2005 China moved to an exchange rate system that references a basket of currencies. From mid 2005 to late 2008 cumulative appreciation of the renminbi against the US dollar was more than 20%, but the exchange rate remained virtually pegged to the dollar from the onset of the globalFINANCIAL crisis until June 2010, when Beijing allowed resumption of a gradual appreciation. In 2014 the People’s Bank of China (PBOC) doubled the dailyTRADING band within which the RMB is permitted to fluctuate.
The Chinese government faces numerous economic challenges, including: (a) reducing its high domestic savings rate and correspondingly low domestic consumption; (b) facilitating higher-wage job opportunities for the aspiring middle class, including rural migrants and increasing numbers of college graduates; (c) reducing corruption and other economic crimes; and (d) containing environmental damage and social strife related to the economy's rapid transformation. Economic development has progressed further in coastal provinces than in the interior, and by 2014 more than 274 million migrant workers and their dependents had relocated to urban areas to find work. One consequence of population control policy is that China is now one of the most rapidly aging countries in the world. Deterioration in the environment - notably air pollution, soil erosion, and the steady fall of the water table, especially in the North - is another long-term problem. China continues to lose arable land because of erosion and economic development. The Chinese government is seeking to add energy production capacity from sources other than coal andOIL, focusing on nuclear and alternative energy development.
Several factors are converging to slow China's growth, including debt overhang from its credit-fueled stimulus program, industrial overcapacity, inefficient allocation of capital by state-owned banks, and the slow recovery of China's trading partners. The government's 12th Five-Year Plan, adopted in March 2011 and reiterated at the Communist Party's "Third Plenum" meeting in November 2013, emphasizes continued economic reforms and the need to increase domestic consumption in order to make the economy less dependent in the future on fixed investments, exports, and heavy industry. However, China has made only marginal progress toward these rebalancing goals. The new government of President XI Jinping has signaled a greater willingness to undertake reforms that focus on China's long-term economic health, including giving the market a more decisive role in allocating resources. In 2014 China agreed to begin limiting carbon dioxide emissions by 2030. China also implemented several economic reforms in 2014, including passing legislation to allow local governments to issue bonds, opening several state-owned enterprises to further private investment, loosening the one-child policy, passing harsher pollution fines, and cutting administrative red tape.
|
Source
: CIA |
BAOSTEEL SPECIAL STEEL MATERIAL CO., LTD.
7/F, BUILDING 3 OF
SHUCHENG BUSINESS CENTER, NO. 1850 BAOYANG ROAD
BAOSHAN DISTRICT,
SHANGHAI 201900 PR CHINA
TEL: 86 (0)
21-56113751
FAX: 86 (0)
21-55382094
Date
of Registration :
october 19, 2006
REGISTRATION
NO. :
310115000976063
LEGAL
FORM : One-person Limited Liability Company
REGISTERED
CAPITAL : CNY 50,000,000
staff :
28
BUSINESS
CATEGORY : TRADING
Revenue :
CNY 1,400,890,000 (AS OF DEC. 31, 2014)
EQUITIES :
CNY 100,060,000 (AS OF DEC. 31, 2014)
WEBSITE : N/A
E-MAIL :
N/A
PAYMENT
:
AVERAGE
MARKET
CONDITION :
COMPETITIVE
FINANCIAL
CONDITION : stable
OPERATIONAL
TREND : fairly STEADY
GENERAL
REPUTATION : AVERAGE
EXCHANGE
RATE : CNY 6.38 = USD 1
ADOPTED ABBREVIATIONS (AS FOLLOWS)
SC - Subject Company (the company inquired by you)
N/A – Not available
CNY – China Yuan Ren Min Bi
This section aims at
indicating the relative positions of SC in respect of its operational trend
& general reputation
Operational Trend:- General
Reputation:-
Upward Excellent
Steady Good
Fairly Steady Fairly
Good
Ordinary Average
Fair Fair
Stagnant Detrimental
Downward Not
known
Not known Not
yet be determined
Not yet be
determined
SC was established as one-person limited
liabilities company of PRC with State Administration of Industry & Commerce
(SAIC) under registration No.: 310115000976063.
SC’s Organization Code Certificate No.: 794528199
SC’s Tax No.: 310113794528199
SC’s registered capital: cny 50,000,000
SC’s paid-in capital: cny 50,000,000
Registration
Change Record:-
No significant changes of SC have been noted in SAIC since its
incorporation.
Current Co
search indicates SC’s shareholders & chief executives are as follows:-
|
Name of
Shareholder (s) |
% of
Shareholding |
|
Baosteel Special Metals Co., Ltd. |
100 |
SC’s Chief
Executives:-
|
Position |
Name |
|
Legal Representative and Chairman |
Qin Boxiang |
|
General Manager |
Zhao Qunbao |
|
Supervisor |
Cai Taofa |
No recent
development was found during our checks at present.
Baosteel Special Metals Co., Ltd. 100
-----------------------
Date of
Registration: February 17, 2012
Registration No.:
310000000110689
Registered Capital:
CNY 16,626,000,000
Qin Boxiang, Legal
Representative and Chairman
----------------------------------------------------------------------------
Ø Gender: M
Ø Qualification:
University
Ø Working experience
(s):
At present, working in SC as legal representative
and chairman
Zhao
Qunbao, General Manager
------------------------------------------------------
Ø Gender: M
Ø Qualification:
University
Ø Working experience
(s):
At present, working in SC as general manager
Supervisor
--------------
Cai Taofa
SC’s registered business scope includes importing and exporting tool and die steel, special steel; importing
and exporting goods and technology; transit trade; trade and trade agent between the enterprises in the free trade zone;
commercial simple processing and business consulting in the free trade zone.
SC is mainly engaged in selling special
steel.
SC’s products mainly include: tool and die
steel, high alloy steel, special alloys, special stainless steel.
SC sources the products 100% from domestic market, mainly Shanghai. SC
sells 60% of its products in domestic market, and 40% to overseas market.
The buying terms of SC include Check, T/T
and Credit of 30-60 days. The payment terms of SC include T/T, L/C and Credit
of 30-60 days.
Staff
& Office:
--------------------------
SC is known to have approx. 28 staff at present.
SC rents an area as its operating office of
approx. 200 sq. meters at the heading address.
SC is not known to have any subsidiary at present.
Overall payment
appraisal:
( ) Excellent ( ) Good (X) Average ( ) Fair ( ) Poor ( ) Not yet be determined
The appraisal
serves as a reference to reveal SC's payments habits and ability to pay. It is based on the 3 weighed factors: Trade
payment experience (through current enquiry with SC's suppliers), our
delinquent payment and our debt collection record concerning SC.
Trade payment experience: SC did not provide any name of trade/service suppliers and we have no
other sources to conduct the enquiry at present.
Delinquent payment record: None in our database.
Debt collection
record: No overdue amount owed by
SC was placed to us for collection within the last 6 years.
The bank information
of SC is not filed in SAIC.
Financial Summary
|
Unit: CNY’000 |
As of Dec. 31, 2014 |
|
Total assets |
570,080 |
|
|
------------- |
|
Total liabilities |
470,020 |
|
Equities |
100,060 |
|
|
------------- |
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Revenue |
1,400,890 |
|
Profit before tax |
14,860 |
|
Less: profit tax |
4,010 |
|
Profits |
10,850 |
Important Ratios
=============
|
|
As
of Dec. 31, 2014 |
|
*Liabilities
to assets |
0.82 |
|
*Net profit
margin (%) |
0.77 |
|
*Return on
total assets (%) |
1.90 |
|
*Revenue/Total
assets |
2.46 |
PROFITABILITY: AVERAGE
l
The
revenue of SC appears fairly good in its line.
l
SC’s
net profit margin is average.
l
SC’s
return on total assets is average.
LIQUIDITY: AVERAGE
l SC’s revenue is in an average level, comparing
with the size of its total assets.
LEVERAGE: AVERAGE
l The debt ratio of SC is average.
l The risk for SC to go bankrupt is average.
Overall financial condition of the SC:
Stable.
SC is considered
medium-sized in its line with stable financial conditions.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.10 |
|
|
1 |
Rs.100.89 |
|
Euro |
1 |
Rs.73.96 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
ANK |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with full
security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This score serves as a reference to assess SC’s
credit risk and to set the amount of credit to be extended. It is calculated
from a composite of weighted scores obtained from each of the major sections of
this report. The assessed factors and their relative weights (as indicated
through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.